NNPC Ltd generates N2.5trn revenue, highest in 47 years

The Nigerian National Petroleum Company Limited (NNPC Ltd) has recorded a profit of N2.548 trillion in 2022, the highest within 47 years of the National pil company’s existence.

This was disclosed in its 2022 Financial Performance Report posted online.

In the document which shows a five-year period performance, the company said it posted a loss of N803 billion in 2018 and further down to N1.7 billion in 2019.

Nigeria’s state-owned oil asset, the NNPC which in 2022 adopted a limited liability company status, posted a post-tax profit in the sum of N674 billion for 2021, its audited earnings report issued shows, the biggest since inception four decades and a half ago.

Revenue leapt 72.5 percent to N6.4 trillion with increased income from petroleum products sales to thank for it.

“Today I’m happy to announce that the Board of NNPC has approved 2021 audited financial statements & NNPC has progressed to a new performance level from N287 billion profit in 2020 to N674 billion profit after tax in 2021, climbing higher by 134.8 percent YoY profit growth,” NNPC’s group Chief Executive Officer, Mele Kyari, had said.

Recall that the NNPC Ltd had between Dec. 30, 2023 and Jan. 5, 2024 recorded 157 incidents of crude oil theft from seven incident sources and arrested 17 suspects.

The sources included the Nigeria Agip Oil Company, Pipeline Infrastructure Nigeria Ltd, Maton Engineering Ltd, Tantita Security Service Ltd, Shell Petroleum Development Company (SPDC), NNPC Command and Control centre and Government Security Agencies.

Its report stated that in the past week, 52 illegal refineries were discovered and destroyed in Abia, Imo, Rivers and Bayelsa states while 32 illegal connections were uncovered in several parts of the Niger Delta.

They were removed and repaired along the central corridor in the Niger Delta while seven illegal storage sites were uncovered in AkwaIbom state and buried crude drums unearthed in bushes in Bayelsa and Warri, Delta.

The company said there was no backing down on the menace until it was eradicated.